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Yes Canary AC making deals around the world and now producing oil. He now has to bring those assets to fruition which I am very confident he will do.
So we have AC out in Tunisia getting things sorted out there and a news article talking about Zenith acquiring further assets that CNPC are divesting. That is really exciting, CNPC have assets all over the world and fields that they consider marginal and hardly worth investing in can be company making to Zenith. Well done to AC for developing such a god relationship with them. Do they have assets in Tunisia?
Does the funding include the local brass ?
If the public relations consultant is getting busy it means the next placing is imminent.
I noticed that the header stated stake*s*, and I therefore wonder if it could be something in addition to the one they've already signed?? -Time will show
Can't read that one as don't want to pay the monthly sub but wonder if thats the deal we know about or another they've put together with cnpc.
They stated in the first RNS that ..
"The Company has developed a very constructive relationship with CNPCI, and we look forward to exploring further opportunities for mutual cooperation in due course."
Feels a bit early likely know soon enough.
Zenith Energy takes Africa oilfield stakes from Chinese state giant
Zenith moves to consolidate its presence in Tunisia, says time is right to seek further acquisitions in Africa - and beyond
22 September 2020 10:38 GMT UPDATED 22 September 2020 10:38 GMT
By Barry Morgan in Paris
Africa-focused Zenith Energy is set to expand its footprint on the continent after signing a deal to acquire asset
I regard Zengas’ article as pretty positive for Zenith to be honest. The majors are leaving and the govt wants to increase production. This is a massive advantage for small caps such as Zenith.
We all know that the majors are all retrenching and getting rid of any marginal fields so that they are just concentrating on the massive ones that that have. This is not unique to Tunisia but is happening all over the world (including in the North Sea).
It is for precisely this reason that AC has been able to acquire 45% of Sidi El Kilani for $800,000 despite the fact that it will generate $4,500,000 in gross revenue per annum.
With the majors in-country governments do not have to take any notice of minnows like ZEN but when the majors are getting out then these minnows become the best chance of increasing oil production and tax revenues and so become much more important.
We can’t overlook the fact that Tunisia is going to deliver Zenith 300bopd for an $800,000 cost. The revenue from Azerbaijan was only ever USD$3.2 million gross, so Tunisia is already worth more to the company than Azer ever was and at a fraction of the cost.
Seems John wasn't as successful as hoped for with Canadian Africa Hydrocarbons Inc in Tunisia
VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) -- BlockchainK2 Corp. (formerly Africa Hydrocarbons Inc.) (TSX.V:BITK) (the “Company”) is pleased to announce that it has completed its previously announced “Change of Business” transaction (“COB Transaction”). As part of the COB Transaction, the Company changed its name from Africa Hydrocarbons Inc. to BlockchainK2 Corp.2 The Company is completing the Change of Business by acquiring cryptocurrency mining rigs and other equipment necessary to commence cryptocurrency mining operations."
Would be best to look to Panoro Energy who went in, in 2018 and get an idea of costs/profit on their onshore Tunisian activitives. About $20/b net back on $65/b Brent. Q2 results recently out.
KUFPEC’s efforts with the JVPs continued during the year to enhance the field development and production. Activities included well interventions and workovers
KUFPEC’s net production averaged 135 BOEPD, compared to 150 BOEPD in 2018.
P57. Following the financial year end, the Company via its subsidiary, KUFPEC (Tunisia) Limited signed the sale and purchase agree-ment dated April 19, 2020 in respect of sale of certain interest in the Sidi El Kilani concession and its completion conditional upon the Tunisian government and other relevant approvals
This acquisition will suit AC if it goes through but it will take money to lift production so he might bide his time until oil prices improve. If he's getting it for a song it raises his company profile and the Kuwaitis just want out as it's too small anyway in their scheme of things relative to Kufpecs size. It's one thing having production, but another making money out of it beyond just paying staff, company overheads, director salaries etc and little return to shareholders. He needs a substantial lift in reserves and production and only time will tell if he has the cash and experience to do that. I think the field had 4 mmbo gross some years ago. Also with Kuwaitis getting out, will the Arab investors put up cash at 2.5p re risk etc, when other subscribers have been getting in well under that level.
barnyard, zengas's AI articles never tell the whole story. True there are demonstrators in the south who want work that was promised yrs ago but also true Tunis is for small to medium players rather than large just the way it is..
"Small and large companies alike have been operating in Tunisia, although smaller
players dominate the sector, reflecting the modest expectations of discovery sizes.17
(See Figure 7.) In recent years, however, some companies divested their assets in
Tunisia and others significantly reduced their investment"
Its a much better scenario for a smallcap to entire than a large player.
"Smaller players are also present and have shown enthusiasm to invest in
exploration and development.23 In 2013, John Nelson, the CEO of Canadian Africa
Hydrocarbons Inc., said during an interview that “[j]unior companies can be very
successful on projects that may not meet the economic threshold of the majors, but
can propel juniors quickly to mid-tier producers. This makes Tunisia a good place
for smaller companies to explore.”24"
it would appear that Zenith boldly goes where others don't really want too
I wonder whatever happened to AC's now infamous 1000 bopd (year end) target
SP was about 8p then I seem to recall and had a lot less shares in circulation or pending
never mind some say it'll be 1.5p by year end
which year is another story :-)
New energy minister Salwa Sghaier takes charge of a sector in ruins
The majors present in Tunisia, already struggling to contend with Covid-19, could leave the country altogether because of the highly volatile social situation there. New energy and mines minister Salwa Sghaier is taking up her post at a time of tension in the Tunisian oil sector.
New prime minister Hichem Mechichi talked to a considerable number of people in his efforts to find a new energy and mines minister but was met with a lot of refusals, including by former energy ministers. Salwa Sghaier, who was finally appointed to the post in early September, takes up her duties with the oil exploration and production sector in a total impasse. Sghaier, who was previously chairwoman and chief executive of Société Tunisienne des Industries de Raffinage (STIR), is faced with a steady rundown in the country's oil production, which has slumped from nearly 80,000 bpd in 2010 to barely 35,000 bpd in 2019.
In addition, protest movements in southern Tunisia, including one which bears the name of the village of Kamour, have been preventing several companies from moving their production in the normal way because of a pipeline closure. ENI, which operates the El Borma and Adam fields, and OMV have both been affected. The situation is preventing the oil from being transported northwards to Bizerte, where the crude oil is normally refined at STIR or exported.
Oil company exit
According to our sources, Anglo-Dutch major Shell is preparing to leave. The only thing holding it back is the hundreds of millions of dollars owed it by national electricity company STEG, making a sale impossible. As for the other major still active in the country, Italy's ENI, since the Tunisian government prevented it from selling its blocks to oil junior Trident Energy in 2018, it has virtually ceased investing in the country despite its promises to the contrary. Repsol, which had been exploring on three blocks, left in 2018 (Africa Intelligence, 27/11/18). Austria's OMV has heavily disengaged in recent years following the sales of its TPS field to Panoro Energy and its Ashtart field to Perenco. Anadarko, Lundin Petroleum and PA Resources have already left. Kuwaiti company Kufpec is also looking to leave through the cut-price sale of its stake in the Sidi El Kilani field to Italian businessman Andrea Cattaneo's Zenith Energy.